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Average Waiting Time in Banks Sample

AVERAGE WAITING TIME IN BANKS

Banks are one of the most efficient and customer service friendly institution since they served financial services and loans, they cater to the most highly respected customers in the country including other companies and business people. Most banks exercises various standard practices for the benefits of their clients, they also offer various competitive products that the customers can choose. Although services may differ from various countries and their customer’s visit during the day, Banks can still design a plan for standard operating procedures that will benefit their customers. There is no standard waiting time that can be defined but most bank practice their own programs according to their products and services; let’s take a look at some banks in various countries and how they served well.

According to Benchmark Portal in their banking industry reports most banks in the United States the average wait time is about 20 to 40 seconds when you are in queue or when you have reach the customer service or teller or depending on the services, this minute only include deposits and withdrawals of regular amount while deposit and withdrawals that requires confirmation and bank references may need more time 4 to 5 minutes. The Average answer service level proves that the bank is efficient if they meet this average time but if they do not meet the following time doesn’t mean that they are below average for some circumstances may arise including heavy in line customers, phone calls, tellers basic needs etc. that is the reason why some banks put some reading materials at the lobby for the customers to wait patiently and comfortably.

This are not computed in their studies, machine malfunction or basic errors may also arise including problems in electricity and others. In ABA American Banking Association Bank in America they say about 4 to 5 minutes waiting time and 30 seconds on queue. ATM Banks in UK are mostly open 24 hours a day and customers can come anytime. The ATM services is easy to queue and understand basically there are more than 300,000 machine in the United States alone and this shows an equal time services of most machines all over the world. In most UK banks, Lloyds Banks, in England and Britain it only take a minute to fall in line because of its efficient fast reliable services and when in queue it will take 5 to 10 seconds to handle the pin and it would only take a minute to be served in completed transaction including inserting the card and getting the receipt. And accordingly it is easy to use and manipulate if there are errors just report in to the branch and customers service will serve the customers well but it will take a few days depending on bank verification system.

In South Africa First National Bank and Standard Bank takes a longer time but they already pledge for a more costumers service friendly banks cause when in queue it took minutes to serve customers because of various reason and the employees would say that in South Africa there are more customers and less tellers but they have not measured the exact queue time that is why they have put some televisions on their branch for the customers to relax. According to the employees South Africa International says this is not the usual standard practice but most of the time it happens. In First Bank of Nigeria have explicitly stated the bank transaction time in minutes done in research by the Department of Finance University of Ilorin in the following website but not necessary computed in the various bank transaction: http://www.unilorin.edu.ng/publications/olaniyi/PUBLICATION%201.htm

Queue management is one of the most important issues in most service institutions including the banks and there are no international standards about the queue, customers can only be queued in standard arrival or traced in immediate services action if the customers arrive the first time and goes directly to the teller then it can only be the start of the service and long time waiting queue may or may not be included or the bank may have a deficiency in services and this has been their toughest challenge since the stochastic service theory is not at all exact. Some banks uses the automatic calling system using numbers but again this is not at all accurate. Because of the advancement in technology banks also uses online banking system which eases the pain in waiting time of most customers.

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